- U.S. Representative Tom Emmer has slammed the Securities and Exchange Commission chair, Gary Gensler.
- The commission has been accused of overreach within the crypto industry.
- More lawmakers are taking a stance against the SEC.
The Securities and Exchange Commission has intensified regulatory actions on the cryptocurrency industry throughout 2023, sanctioning major exchanges and projects such as Binance, Coinbase, and Ripple for alleged securities law violations.
However, the tides may be turning as the SEC and Chair Gary Gensler come under lawmakers’ ire for authority overreach.
Rep Tom Emmer Slams SEC Chair Gensler, Proposes Commission Defund
On October 8, U.S. House Majority Whip Tom Emmer declared the passage of his amendment to defund SEC’s abuse of digital asset enforcement in the Financial Services and General Government Appropriations (FSGG) Act.
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The amendment prohibits the SEC from using funds for enforcement activities related to cryptocurrency transactions until Congress passes legislation that grants jurisdiction over the asset class to the commission.
Emmer criticized SEC Chair Gary Gensler for what he deemed as enforcement abuse against the cryptocurrency industry, stating that he is “as ineffective as he is incompetent.”
“Regulation by enforcement is a practice all too common with this administration. This is particularly the case at the SEC and Chair Gary Gensler’s approach towards our capital markets and financial services industry, but especially with our emerging digital assets community.”
The Majority Whip emphasized that under Gensler’s leadership, the SEC has enacted enforcement actions against the digital asset industry despite never finalizing a rule or regulation for the industry to follow.
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Gensler’s regulatory priorities were another focal point of scrutiny. Emmer criticized the SEC chair’s misplaced focus on trivial matters over essential guidance, stating, “At a time when clear guidance is desperately needed, Chair Gensler instead spends taxpayer resources praising himself for targeting celebrities like Kim Kardashian while Sam Bankman-Fried was running a Ponzi scheme right under his nose.”
Emmer emphasized that Congress will hold unelected bureaucrats accountable, stating that SEC Chair Gensler must discontinue the abuse of his agency’s powers to fulfill a political agenda while driving the promising cryptocurrency industry offshore.
More U.S lawmakers are taking a stance against SEC chair Gensler’s authority overreach, read more:
$1 Salary For Gensler, Is This The SEC Chair’s Worth?
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